XRP Price Prediction as $1.5 Billion Trading Volume Floods In – Are Whales Buying?

cryptonews.com:

The XRP price has risen to $0.529853 today, representing a 3% gain in 24 hours as the cryptocurrency market benefits from Grayscale's successful appeal against the SEC.

XRP is now up by 1.5% in the past week, yet the altcoin remains down by 25% in the last 30 days, following a difficult few weeks for crypto that had been marked by macroeconomic fears and regulatory concerns.

However, with XRP still up by 55% since the beginning of the year, the altcoin remains in a good position to resume rising, especially after its trading volume has risen to $1.5 billion virtually overnight.

Yesterday's good news has arguably come at the perfect time for XRP, which has been oversold for several weeks now and is due to correct upwards strongly.

The altcoin's relative strength index (purple) has begun rising slowly after spending more than a week at or below 30, a level which signals that it had been markedly undervalued.

Its 30-day moving average (yellow) had been falling steeply towards its 200-day (blue), but it's now likely that it will begin rising again with today's rally, and probably won't stop rising until XRP's price is strongly above both averages.

It's arguable that XRP's movements won't last very long, given that the Grayscale relates mostly to Bitcoin.

However, Grayscale's victory in its appeal is almost certaintly a win for the entire cryptocurrency market, with the judge effectively ruling that the SEC was unjustified and arbitrary in its rejection of Grayscale's Bitcoin ETF application.

Such a ruling weakens the SEC's position and suggests that the regulator may similarly prove unsuccessful in its other actions, such as those against Coinbase and also its bid to launch an interlocutory appeal against Ripple.

As such, we could